Calumet shares surge 4% as revenue tops estimates despite wider loss

INDIANAPOLIS - Calumet, Inc. (NASDAQ:CLMT) reported second quarter revenue that significantly exceeded analyst expectations, despite posting a wider-than-expected loss.

The specialty products manufacturer’s shares jumped 4.29% in pre-market trading after the release.

The company reported a second quarter net loss of $147.9 million, or -$1.70 per share, considerably worse than the analyst estimate of -$0.26 per share. However, revenue came in at $1.03 billion, surpassing the consensus estimate of $916.73 million. The revenue beat helped drive the positive market reaction despite the earnings miss.

Calumet’s Specialty Products and Solutions segment demonstrated strength with Adjusted EBITDA of $66.8 million, showing robust margin expansion and strong volumes even amid a planned month-long turnaround at its Shreveport facility. The company’s cost reduction initiatives are tracking ahead of plan, delivering $42 million in YoY operating cost savings through the first half of 2025.

"Our second quarter results reflect continued strength in our Specialties business, record operational performance at Montana Renewables, and meaningful cost reductions across the portfolio," said Todd Borgmann, CEO of Calumet. "At Montana Renewables, operating costs fell to $0.43 per gallon in the second quarter — the lowest since launching the platform."

The Montana Renewables segment remains on track to achieve 120-150 million gallons of annualized sustainable aviation fuel (SAF) production by the second quarter of 2026. The segment reported $16.3 million of Adjusted EBITDA with Tax Attributes during the quarter, compared to $8.7 million in the prior year period.

Total (EPA:TTEF) facility production decreased to 79,912 barrels per day from 83,677 barrels per day in the same quarter last year. The company also enhanced its capital structure by calling $230 million of 2026 Senior Notes over the past four months.

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